Question
I am supposed to do an adjusting journal entryStep Six Data (Click on the link to return to the prompt.) On September 30, the following
I am supposed to do an adjusting journal entryStep Six Data (Click on the link to return to the prompt.) On September 30, the following adjustments must be made: [Note: This is a sample.] Depreciation of baking equipment transferred to company on 7/13. Assume a half month of depreciation in July using the straight-line method. Accrue interest for note payable. Assume a full month of interest for July. (6% annual interest on $10,000 loan from parents.) Record insurance used for the year. Actual baking supplies on-hand as of September 30 are $1,100. Office supplies on-hand as of September 30 are $50.
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